Hertz Names New CEO

Hertz's board this week appointed EVP and North American chief retail operations officer Paul Stone as president and CEO, succeeding CEO Kathryn Marinello.

Hertz chairman Henry Keizer in a statement said the decision came after "an ongoing succession planning process," and Marinello plans to stay with Hertz for up to a year in a consulting role. Marinello, a former GE executive, has led Hertz since January 2017, and Keizer said she "oversaw a successful operational turnaround, transformed Hertz's culture and built a best-in-class leadership team." BTNnamed her as one of its 25 Most Influential due to her efforts in the company's turnaround prior to the Covid-19 crisis.

Stone joined Hertz in March 2018 to lead its North American car rental operations. He previously was an executive with Sam's Club/Walmart and outdoor outfitter retail company Cabela's. He steps into the position as Hertz is negotiating with lenders to avoid bankruptcy, as it works to restructure lease payments amid a collapse in demand due to the Covid-19 crisis.